World Affair Wednesday: Greece Financial Crisis

Greece is under a lot of pressure. The country received an ultimatum from European leaders to claim bankruptcy or be removed from the euro currency system, which leaves the involved nations at a stalemate. Greece has been facing financial woes since 2011 and as the years passed the situation did not improve as expected. Depending on sources, Greece has about 1.7 billion euros of debt.

European creditors are seeking for Greece to commit to a new economic reform proposal which was not approved by Greece voters. Additionally the creditors are deciding if they are willing to offer another bailout. There really is no positive outcome from the looks of the situation, for Greece or its European counterparts. The nation is a large part of Europe and neither want to see it leave the euro currency system, however reform and bailout options have proven to have unsatisfactory results.

The situation is so dire that banks are closed as they do not have the funds to operate and access to efficient ATMs are limited as well. Not only Greece, but Europe is waiting for a much needed resolution.